Enterprise software company Okta Inc. has finally filed registration papers for an initial public offering, saying it plans to raise up to $100 million. However, the amount is likely a placeholder amount.
On Monday, San Francisco-based Okta filed a registration statement with the U.S. Securities and Exchange Commission related to the proposed IPO of its Class A common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined.
Okta, founded in 2009, offers identity management software and access management products intended for businesses' internal use.
For the nine months ended October 31, 2016, Okta's net loss widened to $65.3 million from $54.9 million in the year-ago period. However, revenue for the period surged to $111.5 million from $58.8 million in the prior-year period.
Okta has not yet reported its financial results for the quarter and fiscal year ending January 31, 2017.
Okta has raised $228 million from some venture capitalists, including Sequoia Capital, Andreessen Horowitz, Khosla Ventures, and Greylock Partners.
The company was valued at more than $1 billion when it last raised $75 million from venture capitalists in September 2015, making it a "unicorn," a start-up company valued at more than $1 billion.
In early March, Okta said it has acquired Stormpath, a provider of authentication services for developers. Financial terms of the deal, which enables Okta to bolster its identity services for developers, were not disclosed.
Okta intends to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol "OKTA".
Goldman, Sachs & Co., J.P. Morgan Securities LLC and Allen & Company LLC are acting as joint book-running managers for the proposed offering.
by RTT Staff Writer
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